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Macroeconomic Policy Frameworks of Small States

A Case Study of Malta

image of Macroeconomic Policy Frameworks of Small States

Malta’s socio-economic successes have been remarkable. Key policy decisions have enabled this small island state to cope with its inherent vulnerabilities. This book reviews the implementation of macroeconomic policies in Malta, identifying the key issues, lessons learnt and best practices which could be adapted by other small states. It also sets out the country’s challenges for the future, which include managing a huge fiscal deficit, a high unemployment rate and attending to the conflicting demands of environmental conservation and economic development.

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Conclusion and References

Despite being largely dependent on the rest of the world, Malta was partially immune to the global financial crisis. EU accession, a healthy financial system and the adoption of euro as the national currency were the main factors that have cushioned the economy from the full impact of the external shocks. Malta has benefited a lot as a result of EU accession, despite having to relinquish control over domestic policies. Unlike other small island states, proximity to major markets and its favourable geographical location have brought further benefits to the Maltese economy...

English

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